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Question [Not] Giving away the store

Discussion in 'Picture Framing Business Issues' started by jim_p, Jan 6, 2009.

  1. Maryann

    Maryann SGF, Supreme Grumble Framer

    Tony,
    I wish it were simple. We live in a very small town. In a perfect world, I would support every cause that walked in the door. In reality, on a recent day, I had twelve people coming in to ask for a donation. Twelve - in one day! On that particular day, I had one customer.

    It's just not that simple.


    PS How's that little one? Getting any sleep these days? ;-)
     
  2. FramerDave

    FramerDave PFG, Picture Framing God

    Slightly off-topic, but you reminded me of something. When I was in college I was once sitting in the cafeteria enjoying a little snack between classes. Some guy comes over to me and asks me if I'd like to complete a survey about conditions in the former Soviet Union. This was maybe a year after it had broken up.

    What the heck, so I did. After I filled it out, he looked at it, commented that I had pretty strong opinions on some things. Well, yeah. Then he told me there was going to be a meeting in a few days on campus about an exchange program to Moscow. Hmmm....interesting.

    A few days later I went to the meeting, held in a classroom on campus. Bunch of respectable-looking people and students there. The speaker comes up to the podium and thanks everyone for coming and tells us he'd like to start with a short informational video about the Reverend Sun Yung Moon and the Unification Church. I was out the door within a second.

    The they have the nerve to call me that night at 10:00 and ask me why I left, and what problem I had with the church. :icon11:

    Ok, carry on...
     
  3. AWG

    AWG SGF, Supreme Grumble Framer

    Hi Maryann:

    Since you asked, he's doing great. Mom and Dad are doing well, too - Both of his Grandmas have been here since the day he arrived. One of the latest shots:
     

    Attached Files:

  4. SportShots

    SportShots CGF II, Certified Grumble Framer Level 2

    Coming in late on this topic but have some questions as well as commenting. Why can't one deduct the sale price of an item rather than the material cost? Seems that the charities play up what you sell it for, not what you actually pay in materials to create it. Giving it away is taking away a sale of the piece, profit and everything so why no full value based on what others of it sell for?

    The one I don't like is when I have donated and then get complaints that 'people didn't like the picture' or 'way overpriced' yet it is one of my hand done works that sells for over $400 in galleries. They would rather have a cheezy Kinkade than a hand coated platinum/palladium print. Just no accounting for taste.

    I do like the idea of getting the request on the charity letterhead for many donations. That makes sense.

    I find in our area that some of the donation boxes in the stores and whatnot for cancer kids, accident victims and similar are worth looking at and actually calling to see if they are going to have a public fundraiser. I will donate to these as I find out the families circumstances. They really do need the help and it is worth it.

    On others I give a call to the Chamber of Commerce and ask about the charity giving. The local guys are very tood about whether it is worthwhile and what reality is with them.
     
  5. Kirstie

    Kirstie PFG, Picture Framing God

    we now only give gift cards for charitable events. framed art was not that popular. a gift card brings the auction winner in the shop with new business potential. we get asked so often we now stick to $50.

    we do frame for charitable events but we usually charge at a discount.

    the preferred business idea bob mentioned has not worked for us.
     
  6. Maryann

    Maryann SGF, Supreme Grumble Framer


    Because IRS regulations don't allow it. May not be fair, but that's the way it is.
     
  7. Kirstie

    Kirstie PFG, Picture Framing God

    because you deduct the cost from inventory instead.
     
  8. tedh

    tedh PFG, Picture Framing God

    What about this:

    1. Sell the charity an item for $100. You have $100. They have the item.

    2. Donate the $100 to the charity. You have a receipt for the full tax deduction. They charity has $100 and the item.

    Up here in Canada I checked with Revenue Canada on only the donation aspect: we can deduct the retail amount, not the inventory cost.
     
  9. The King

    The King SPFG, Supreme Picture Framing God

    And you have another $100 of taxable income.
     
  10. tedh

    tedh PFG, Picture Framing God

    Have to take it further, to look at the deduction for only donating the inventory value vs a cash donation with the tax on the net profit.
     
  11. Dave

    Dave SPFG, Supreme Picture Framing God

    Just a note on gift certificate donations:

    Had a new customer this morning bring in a $ 50.00 dollar gift certificate I had donated to the local Council on Aging for a benefit dinner/auction.

    They had their own frame ...23X36. Thought this was going to be a small inexpensive job. Ended up floating the calligraphy wedding document with silk mats, CC glass and a gold leafed nameplate. Total came to over $ 650.00 using their own frame.

    After they left here they were going to have their portraits taken at a local photographer. Coming back later for framing their portraits.

    This is one case where that GC donation paid off!
     
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